Bitcoin Price Ambles Posts SEC Announcement

JAKARTA - The price of Bitcoin, the world's largest cryptocurrency, continues to decline with the possibility of heading to a price range of 24,000 US dollars (Rp 365,404,800) to 25,000 US dollars (Rp 380,630,000), while testing the EMA 200 weeks again. On Thursday, August 31, Bitcoin decreased by more than 4.5%, causing its price to drop below US$ 26,000 or around Rp. 395,855,200.

This decline came after court decisions related to Grayscale and announcements from the US Securities and Exchange Commission (SEC) to delay filing the Bitcoin ETF from major companies such as BlackRock, VanEck, Valkyrie, and others. In addition, strengthening the US Dollar also puts added pressure on assets in the global financial market.

Crypto analysts are closely observing when the US SEC will grant approval for the country's first spot of Bitcoin ETF. Grayscale's win against the SEC has provided optimism, with some analysts estimating the 75% probability that the Bitcoin spot ETF will be approved towards the end of 2023.

Micha total van de Poppe, founder of MN Trading, shared his analysis through social media, indicating the possible approval of the SEC in October or December. He also predicted that ETF Ethereum Futures might be approved in October.

Regarding the Bitcoin price movement, Poppe reminded that currently Bitcoin is facing obstacles. During the recent correction, more than $250 million (equivalent to Rp3.8 trillion) liquidation occurred. This condition also dragged the price of altcoins.

According to data from TradingView, Bitcoin initially broke support at 27,000 US dollars (Rp411 million), but then experienced a significant sell-off, causing the price to drop to US$25,925 (Rp394 million). Although there is a recovery of up to US$26,000 (Rp395,855,200), the increase reached after Grayscale's decision on Tuesday has been lost.

While there are positive signs in Bitcoin futures trading (futures), the market as a whole still shows a downward price trend line in the daily chart, as noted by senior technical analyst Kitco, Jim Wyckoff.